v3.26.1
Interest Rate Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives Recorded as Derivative Liability The Company had the following interest rate derivatives recorded within accrued expenses and other liabilities as of June 30, 2026 and December 31, 2025 in the Condensed Consolidated Statements of Financial Condition:
DerivativeNotional Amount
Fair Value as of June 30, 2026
Fair Value as of December 31, 2025
Fixed Rate PaidFloating Rate Received
Effective Date(2)
Maturity Date
Interest rate swap$300,000 $(1,298)$(6,109)4.37 %
1 month Term SOFR(1)
November 2022February 2028
Interest rate swap$28,500 $(221)$(707)4.47 %
1 month Term SOFR(1)
May 2024February 2028
Interest rate swap$317,000 $(1,940)$(3,878)4.17 %
1 month Term SOFR(1)
February 2028February 2030
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(1)Floating rate received subject to a 0.50% floor.
(2)Represents the date at which the derivative is in effect and the Company is contractually required to begin payment of interest under the terms of the agreement.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
A rollforward of the amounts in accumulated other comprehensive income (loss) (“AOCI”) related to interest rate derivatives designated as cash flow hedges is as follows:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Derivative gain at beginning of period$5,882 $11,632 $4,669 $18,342 
Amount recognized in other comprehensive income (loss)(1)
3,579 (2,240)6,176 (7,037)
Amount reclassified from accumulated other comprehensive income (loss) to interest expense(1,366)(1,929)(2,750)(3,842)
Derivative gain at end of period8,095 7,463 8,095 7,463 
Less: gain attributable to noncontrolling interests in GCMH6,993 6,644 6,993 6,644 
Derivative gain at end of period, net$1,102 $819 $1,102 $819 
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(1)Net tax provision (benefit) of $0.2 million and less than $0.1 million for the three and six months ended June 30, 2026, respectively, and $(0.4) million and $(0.8) million for the three and six months ended June 30, 2025.